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Sino-Argentine Trade Relations Promising
China places great importance on promoting economic and trade cooperation with Argentina, and will work to create favorable conditions for cooperation between business communities of the two countries.
Addressing a luncheon today attended by entrepreneurs of the two countries, Chinese Vice-Premier Wu Bangguo said that both countries are large developing countries, and share the same willingness to promote economic and trade cooperation. He added that the process of China's entry into the World Trade Organization (WTO) is in its final stages, thus providing more opportunities for the two countries' businessmen to engage in economic and trade cooperation.
Broad prospects exist for bilateral economic and trade cooperation, he said.
"China encourages domestic enterprises to invest and set up factories overseas, and welcomes foreign investment as well, " he said.
Trade volume between the two countries in the first seven months this year reached 850 million U.S. dollars, up 88 percent over a year ago, according to Chinese Customs statistics.
Argentina mainly exports wheat, soybean oil, steel and crude oil to China, which exports mechanical and electronic products, textile and light industrial products to Argentina.
Moreover, Chinese color TV, washing machine and air conditioner producers have worked jointly with their Argentine counterparts.
Argentine President Fernando de la Rua said that the two economies are complementary, and potential abounds for cooperation in food, industrial technology and mutual investment, adding that a bilateral agreement signed last year on China's entry into the WTO will significantly increase trade volume.
In addition, another agreement on the promotion and protection of mutual investment also helped economic and trade ties, he said.
Chinese business leaders, including those from financial and trade sectors, and Argentine entrepreneurs accompanying the president on the visit attended the luncheon.
Afterward, entrepreneurs of the two countries had one-on-one discussions.
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